Spire completes sale of natural gas storage businesses to I Squared Capital for $650 million

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Summary · why it matters

Spire has completed the sale of its natural gas storage businesses in Wyoming and Oklahoma to I Squared Capital for $650 million. The transaction includes $600 million in cash at closing and a $50 million fixed, non-contingent deferred payment due in Spire's fiscal year 2027. Proceeds will partially fund Spire's previously completed acquisition of the Piedmont Natural Gas Tennessee business. The storage assets, now part of I Squared portfolio company Bear River Midstream, include two fields in Wyoming with up to 55 billion cubic feet of working gas capacity and one in Oklahoma with up to 17 billion cubic feet. Spire says the sale sharpens its focus on regulated natural gas utility operations.

Impact on assets 1

Utilities▲
Spire Inc
SR
▲ PositiveCapitalrelevance

Spire completed the sale of storage businesses for $650M, providing cash to fund its acquisition and sharpen focus on regulated utilities.

Off-coverage companies 2

I Squared Capitali
Private▲ PositiveCapitalrelevance

I Squared Capital acquired natural gas storage assets for $650M, expanding its midstream portfolio.

Bear River Midstream LLCi
Private▲ PositiveCapitalrelevance

Bear River Midstream, an I Squared portfolio company, now operates the acquired storage assets.